On February 15, 2021 Kerala Financial Corporation(KFC) announced that it will introduce its own debit card. KFC becomes the 1st government financial institution in Kerala to launch debit card. This 5 year Rupay platinum card will be co-branded in association with public sector banks.
The card will be issued in accordance with the guidelines of Reserve Bank of India (RBI)
Note– Introduction of Debit card is a step to facilitate transition from currency transactions to a fully digitalised system
About KFC Debit Cards
Usage: It can be used at Automated Teller Machine(ATMs), Point of Sale(PoS) machines, and online transactions like other debit cards.
Linked to KFC Mobile App: To make high-value transactions, the card can be linked to KFC mobile app.
Loans: The disbursement of loans to KFC entrepreneurs and repayment will be done through this channel.
- KFC will be able to directly monitor when loans are disbursed through debit cards.
Repayments can be simplified
Earlier, every month the repayment of KFC loans was done. Now, repayments on major loans have been changed to a weekly or daily basis by using Google Pay or other apps.
With the introduction of the card, such repayments can be further made simpler.
Issue debit cards to its employees:
KFC plans to issue debit cards to its employees, where their salaries and other allowances will be paid through the card.
Recent Related News:
On January 7, 2021 Indian Oil Corporation Limited(IOCL) in partnership with State Bank of India (SBI) launched ‘IndianOil – SBI co-branded RuPay Debit Card’. This contactless card can be used anywhere in India.
About Kerala Financial Corporation(KFC):
i.It was established as the Travancore Cochin Financial Corporation on December 1, 1953.
ii.It was renamed as Kerala Financial Corporation in 1956.
iii.It is the first Public Sector Undertaking(PSU) in Kerala and first State Financial Corporation(SFC) in India to initiate Corporate Social Responsibility(CSR) activity.
Incorporated under– State Financial Corporations Act of 1951
Headquarters– Thiruvananthapuram, Kerala
Chairman & Managing Director– Tomin J Thachankary IPS